raj0778

raj0778

It appears that the impulse in upward direction completed at 11300 levels and its correction has commenced. Wave b of the correction is unfolding. The resistance and support (+/-10) for tomorrow as marked on chart are R1 - 11280 R2 - 11330 S1 - 11180 S2 - 11085 Overall view on Nifty for tomorrow is bearish. Expecting an initial upward movement for first one/...

raj0778

HDFC appears to have completed its motive Wave 1 and corresponding corrective Wave 2 as well ... Same has been marked on chart ... Expecting Wave 3 to commence from here ... May give a small pull back on Monday to levels of 1640 .. It would be an ideal opportunity to go long with SL as 1620 ... Target for Wave 3 would be 2370

raj0778

Nifty surprisingly appears to have taken a reversal from 10792 ... Its presently unfolding Wave iii and it may find resistance at 11140-11160 levels, as marked on the chart .. So for 28 Sep, we can expect either a gap up opening or a movement of another 100 odd points from present levels ...Wave iv may unfold as flattish correction, keeping Nifty range bound...

raj0778

As mentioned earlier, Wave C of the major corrective leg is unfolding.. It appears that Wave iii of Wave C is complete and it’s corrective wave a is unfolding.. Hence wave a may take it further up, followed by Wave b in downward direction and finally Wave c again taking it upwards.. expecting the correction to finish somewhere close to the resistance zone marked...

raj0778 Updated 

Based on today's move, have changed wave numbering of the correction as shown on chart ... Wave C of the correction appears to be unfolding ... Resistance and support zone of 11300-11310 and 11155-11140 respectively, has been marked on chart ... If Nifty manages to break the resistance and sustain above it, an upside rally can be expected till 11420 .. However, if...

raj0778

As I had shared in yesterday's post, Nifty was forming lower degree wave (b) of higher degree Wave B and as per fib retracement, correction didn't appear complete then .. Hence was excepting a bearish day ... However, Nifty opened gap up, which in itself was a trap ... Distribution continued till second half n then expected down move happened ...Wave (b) has given...

raj0778

Nifty opened gap down today and as posted yesterday, after an initial rally, Nifty continued correcting as part of lower degree wave (b) of higher degree Wave B ... However, as per the fib retracements marked on the chart, it appears that the correction isn't complete yet ... Hence view for tomorrow continues to be bearish ... 11420 being a strong support zone,...

raj0778

Nifty today opened flat and rallied to 11600 levels, giving minor pullbacks in between ... On closer analysis of the wave patterns, it appears that Wave B of the correction is far from over ... Nifty by closing appears to have taken resistance at 11620 levels ... Next immediate resistance would be 11670-11680 levels and same has been marked on chart ... For...

raj0778

Nifty after reaching the levels of 11800, has since been in correction mode .. as per the patterns, it appears that wave a has been completed n wave b is in progress with its last leg presently unfolding .. hence expecting Nifty to open gap up .. wave b should near completion at levels of 11580 (+/-20) .. post which expecting Wave c to unfold downwards as an...

raj0778

The correction for the impulsive move from 11184 to 11493 has commenced ... However the same is not complete yet ... Expecting the same to continue on 14 Sep and hence my view for near term would be bearish ... Friday Nifty took support from 11430 level .... Expecting the same to be broken on Monday ... I would be cautious in taking long positions till a clearer...

raj0778

The entire rally from 10880 to 11794 was an impulse ... Since then Nifty touched the low of 11188 ... As marked on the chart, the entire correction appears to be an impulse of the same degree as the preceding motive wave and in the opposite direction .. An impulse followed by an impulse in opposite direction is bearish signal ... So I'm expecting a correction to...

raj0778

As drawn on chart, Wave C of the correction appears to have completed with an ending diagonal .. Accordingly I have done some amendments to the markings on the chart against my previous post ... View remains bullish, as it is heading towards its final fifth motive wave ... Targets too remain same as previous post with SL as 1098

raj0778

Nifty for the entire day remained range bound, except for that last hour or so. As marked on the chart, it appears that Wave C of the first leg of correction is complete and wave X has started to unfold .. Target for Wave X would be at levels of 11540 .. Hence view for 08 Sep would be bullish for Nifty ... However, as its become routine for Nifty to eat up...

raj0778

As plotted on the chart, HDFC bank has completed its wave 4 and commenced with wave 5.. Hence view on HDFC bank is bullish with targets as mentioned below Target 1 - 1201 Target 2 - 1227 Target 3 - 1260 SL - 1104 Time frame would be 8 - 10 trading days Note - Views expressed are purely personal and solely intended for educational purposes. Same may not be used...

raj0778

It appears that Wave 3 might have got completed on 19 Aug at level of 11460 ... The entire movement from thereon till date appears to be corrective ... From pattern it also appears that the first corrective leg emerged as a extended flat correction ... Point to note here is the high made by Nifty of 11794 is not the top of the flat pattern, instead the top of the...

raj0778

As expected, Nifty opened gap up today, completing wave 3 of lower degree, as marked on the chart and that was all that happened today.. Being expiry day, Nifty kept correcting the entire day and still couldn't manage to finish of the correction till EOD. As marked on the chart, last leg i.e wave c of Y couldn't complete .. View for tomorrow remains to be bullish...

raj0778

We expected a gap up opening, however Nifty opened flat .. However, the market headed in the same direction as suggested in yesterdays post.. Moreover I had also mentioned that, in case of a volatile market, we may able to witness the first leg of next impulse post completion of correction .. Nifty after correcting till 11430 level, commenced its next impulsive...

raj0778

What Nifty has been witnessing since 27 Aug is a correction and the same continued today as well ... Hopefully expecting the correction to complete tomorrow ... Presently, my overall view on Nifty is bullish ... The zone of 11530-40 is critical and Nifty took resistance from there today ... Expecting market to open Gap Up tomorrow, probably at the zone itself ......